A 3.5% Mortgage Rate offered By New Hampshire Housing has been made available through a new Bond program with the U.S. Treasury. This program is to stimulate home sales and is being offered to first time home buyers (the 3.5% rate requires payment of one point, a 3.95% rate is available to those that qualify with no points.) these rates are expect to apply through 2011 based on the housing and economic recovery act guidelines, and the new issue bond program. This Government program allows New Hampshire sell bonds to Fannie Mae & Freddie Mac to finance mortgages for first time home owners. The Bonds will be then sold to the U.S. Treasury, and then they will be sold publicly to other investors. The program will provide New Hampshire Housing with up to $300 million in funds, and will support up 2,000 mortgages for income qualified first time home buyer.
Each state housing finance authority (HFA) that chooses to participate in the New Issue Bond Program pays a fee to access the program and cover the costs to the Treasury Department and taxpayers. New Hampshire Housing Finance Authority is a self-supporting, public benefit corporation established by the state legislature. More information about its programs can be found on the agency's website at www.nhhfa.org. or 800-649-0470 or email: ownership@nhhfa.org
Down payment assistance is also available, check with the NH finance authority to check on seller contribution in a first time purchase, you may find the point charged at closing for the 3.5% rate can be paid as a seller closing cost contribution. The NH housing authority want you to know that the rates may change during the program, and can vary with the bond issues. So don't wait, prices are historically low, and these rates are subject to change.
Your-White Mountain New Hampshire real Estate Expert
steve@alpinelakes.com toll free 800-926-5653 /cell 603-381-7898
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